These measures need to defend everything from users and client devices to networks, on-premise infrastructure, and cloud resources. Having them deployed and constantly managed is critical.

What is equally important, however, is the way in which security risks and events are communicated within the business. Clear channels must be in place both between IT teams and C-level executives, as well as between those executives and the management board.

This communication must not be left to chance. It needs to be structured and undertaken on a regular basis. This ensures transparency and that senior mangers always know the current state of play when it comes to IT security.

Communication also needs to be a two-way process. In addition to staff reporting up the line, the board and senior managers must also regularly communicate across the business about their decisions and actions. All staff need to understand why strategies are being adopted and what this will mean for their roles.

Many businesses also find it valuable to have an audit committee charged with ongoing monitoring of cybersecurity measures and potential issues. This can help to ensure that nothing falls through the cracks and levels of risk remain acceptable.

The importance of education

As well as regular two-way communication, it's also important for senior managers and board members to gain a thorough understanding of what can be a very technical subject.

Time needs to be allocated for education and training so that these managers can be briefed on particular threats, their implications, and what the impact would be if an attack against the business was successful.

It's also critical to provide education around the security tools, services, and processes that have been selected and deployed. Senior mangers need to understand why these investments have been made, what levels of protection they deliver, and what further spending might be required in the future.

The role of the CIO

When it comes to risk assessment and mitigation, there is an important role carried out by an organisation's chief information officer (CIO).

The CIO is most often charged with assessing cybersecurity risks and determining which need action and which can be tolerated. Each category of risk can then be explained to other senior managers and to the board.

Of all the risks likely to be faced, the most serious are those likely to have an impact on customers. This could be a direct impact, such as a breach of sensitive data, or indirect such as a disruption to production that will lead to order delays.

The CIO must also consider whether a security incident has resulted in a breach of any regulatory requirements. Penalties for such breaches can be high and can lead to reputational damage.

CIOs can also help increase a business' cybersecurity readiness by providing educational sessions for board members. These regular sessions can focus on particular threats and the preventative steps that are required, or more broadly address general IT security trends.

Budgeting for risk mitigation

Part of the ongoing cybersecurity communication process will naturally involve discussions around budgeting. It's impossible for any IT infrastructure to be 100% protected from threats, so investments must be weighed against the business benefits that will be delivered.

Many businesses rely on third-party assessments to help them assess how much funding should be allocated. This can be useful as it provides an independent view of what is required and what budget allocation makes sense.

By developing and maintaining strong internal communication channels and ensuring all parties are aware of cybersecurity issues, a business can be well prepared to withstand attacks and quickly recover should one occur. The threat landscape is constantly changing, so these measures and approaches have never been more important.